Table 1 - uploaded by Andy Lockett
Content may be subject to copyright.
Source publication
This paper investigates how university spinout companies develop. The capabilities framework is used to investigate the development of nine different spinout companies. Each venture is found to move through a number of distinct phases and to come up against "generic" problems whilst attempting to move from one phase to another. We identify four cri...
Context in source publication
Similar publications
Citations
... To reach sustainable returns in the long-term, research suggests that USOs must successfully transition through key obstacles or 'critical junctures' during their formation (Vohora et al., 2004;Khodaei et al., 2020) by continuously changing and evolving. Vohora et al. (2004:14) define a critical juncture to be "a complex problem that occurs at a point along a new high-tech venture's expansion path preventing it from achieving the transition from one development phase to the next". ...
... Several studies have explored USOs' formation processes and the specific challenges they face in their path toward sustainability (see Khodaei et al. 2020;Vohora et al., 2004;Clarysse and Moray, 2004;Ndonzuau et al., 2002). These studies have largely centered on life-cycle or stage models, highlighting how USO business models, entrepreneurial teams, internal research and development capacities may change over time. ...
... Nevertheless, commonalities across studies exist in terms of the key stages they go through (Mathisen and Rasmussen, 2019;Tagliazucchi et al. 2021). Vohora et al. (2004) research is commonly referred to, where they suggest that USOs must successfully overcome four 'critical junctures' of opportunity recognition, entrepreneurial commitment, venture credibility, and venture sustainability. ...
University Spin-Offs (USOs) are important contributors to regional innovation, productivity and job creation; however, their failure rates remain very high. While studies have explored the factors affecting USO formation and success, scholars have highlighted the need for further research into the processes through which USOs can effectively reach sustainable returns by navigating several critical junctures. We posit that a micro-foundational perspective can contribute new knowledge on how USOs develop higher-order dynamic capabilities, which are essential to overcoming key challenges and leveraging opportunities. This paper explores how USOs develop the micro-foundational dynamic capabilities of adaptive, absorptive and innovative capabilities to successfully overcome formation's critical junctures and reach long-term sustainability. The findings identify how USOs develop, deploy and integrate various combinations of micro-foundational capabilities to navigate each critical juncture and reach thresholds of sustainability. In particular, as firm development progressed and critical junctures increased in complexity, USOs needed to deploy all three capabilities simultaneously and in an integrated manner. We identify the limitations of existing linear models of USO development and contribute to theory development through the development of a new, dynamic model that illustrates how USOs build micro-foundational dynamic capabilities cumulatively and iteratively to overcome critical junctures.
... They insist that regional groups' norms can largely impact commercialization of university research, regardless of the form and structure of the university. Vohora et al. (2002) concluded that university spinoffs should go through regular steps in order to become successful. For them, academic entrepreneurship is a nonlinear iterative process that passes through several key nodes. ...
... B. Audretsch et al., 2017;Baldini et al., 2006;Boehm & Hogan, 2013;Thompson et al., 2018) Age Individual (Chang et al., 2009;Lim et al., 2017) Commercialization of education and skills (R. A. Jensen et al., 2003;R. Jensen & Thursby, 2001;Mustar et al., 2006;Thompson et al., 2018) Experiences and Skills of Research Commercialization, Quality of Professor in University, Specialization (Chang et al., 2009;Do, 2014;Friedrichsen et al., 2017) Access time (Leisyte, 2011;Mustar et al., 2006;Vohora et al., 2002;Zucker & Darby, 2001) Characteristics of Entrepreneurs (Proactiveness, Risk-Taking, Dissatisfaction of Work, Motivation, Commitment) ...
Amid economic pressure and inclination for independent financing, universities tend to commercialize knowledge, a growing trend emerging as an entry gate for the privatization of scientific advancements and the development and transfer of technology from universities. Numerous studies have been conducted on the commercialization of knowledge. This article aims to integrate previous studies and develop a comprehensive model out of the factors cited in those studies. Therefore, 57 relevant articles were analyzed to identify the indices of knowledge commercialization within the framework of a systematic review literature guideline. In addition to guideline validate criteria, three university professors were interviewed for conceptual model include the subjects (contextual, individual, organizational, institutional, and environmental), and components.
... Regarding management teams, the presence of managers with non-academic backgrounds could help ASOs obtain the stock of specific human capital, abilities, social networks, and psychological traits so that they may efficiently recognize and take full advantage of entrepreneurial opportunities, and ultimately develop an entrepreneurial strategic orientation (Diánez-González and Camelo-Ordaz 2016;Tietz 2013;Visintin and Pittino 2014). Industry agents are expected to provide ASOs with specific and non-redundant resources and knowledge of various kinds (technological, financial, commercial, relational), which may positively influence the adoption of entrepreneurial behaviours by ASOs (Rasmussen et al. 2015;Vohora et al. 2004). Specifically, VC firms may play a crucial role, since in addition to the provision of financial resources and advice, those ASOs backed by TTOs are expected to increase their credibility and reputation, which may help ASOs carry out innovative and proactive behaviour (Roininen and Ylinenpää 2009;Wright et al. 2006). ...
... Industry has been categorized by a binary variable that takes the value "one" for companies in the biotechnology, chemical, or research and development sectors, and "zero" otherwise. This distinction follows previous research, such as that by Vendrell-Herrero and Ortín-Ángel (2010) and Vohora et al. (2004). Finally, the age of the ASOs could influence the stock of resources, networks, and capabilities necessary for acting entrepreneurially (Diánez-González and Camelo-Ordaz 2016;Walter et al. 2006). ...
... Through the exchange for equity, VC firms offer financial resources to ASOs, thereby allowing them to better manage the uncertainty associated with the commercialization of products and services that usually emerge from highly tacit knowledge and/or disruptive technologies, which should result in the development of strategies of a riskier and more innovative nature (Prokop et al. 2019). Moreover, as Vohora et al. (2004) and Rodríguez-Gulías et al. (2017) suggest, the receipt of investment also signals ASO credibility, which results in other investors engaging with the firm. In this vein, relationships with a number of investors allow ASOs to obtain not only financial resources, but also the skills, knowledge, and information necessary for the development of new products, recognition and scrutinization of new entrepreneurial opportunities, the exploration of alternative commercial scenarios, the experimentation with potential applications of their technology, and proactive strategic decision-making in emerging markets (Bigdeli et al. 2016;Wales 2016). ...
This paper has been designed with a dual goal. On the one hand, the paper aims to examine the role of management teams, industry agents, and university agents as providers of a series of key resources and capabilities for academic spin-offs (ASOs) to develop a strategic entrepreneurial orientation (EO). On the other hand, the paper also examines the influence of EO on ASO performance. To this end, an extensive review was conducted based on Resource Based View (RBV), EO, and ASO literature. The assumptions of these frameworks were explored in an empirical study involving 107 Spanish ASOs backed by the Spanish Technology Transfer Offices (TTOs). The findings from multilevel linear regression suggest that the presence of non-academic managers within ASO management teams, the achievement of external funding through VC firms, and the TTO efficacy exert a positive influence on the exhibition of higher levels of EO by ASOs. Regarding the relationship between the EO and the performance exhibited by ASOs, the results of multiple regression analysis reveal that ASO performance is strongly and positively influenced by the level of EO exhibited by the firm. The contributions of the paper expand the traditional focus of EO research and attend to the demands of both EO and ASO research, thereby offering a contextualized analysis of both the factors that enhance the EO of ASOs as well as the impact of EO on ASO performance.
... To control for certain aspects that can also affect firm performance (Visintin and Pittino 2014;Vohora et al. 2004;), the variables analysed were the age of the organisation (those firms with 6-20 years of operation and those with less than 6 years are equal to 1; 0 otherwise) and industry types (i.e., traditional, exhibiting economies of scale, and specialised), which are represented by dummy variables as well. Regarding country-specific effects, in addition to labour regulations and workforce variation which capture regulatory and some market dynamics, we also included country fixed effects in the equations. ...
Despite the fact that the determinants and the consequences of R&D activities have been extensively studied in previous research, further efforts to integrate disparate streams of literature might bring new insights into innovation decision-making by firms. In particular, this article studies the simultaneous effects that a set of factors (at both company and environmental levels of analysis) have on R&D activity, which explain firm growth. A two-stage probit least squares (2SPLS) estimation is applied to data from the EU-EFIGE/Bruegel-UniCredit dataset for seven European countries for the years 2007–2009. The main findings show that not all the R&D determinants lead to firm growth. In particular, R&D activities are affected by the employment of a significant number of foreign executives, a higher percentage of employees with fixed-term contracts, appropriate labour regulations and access to employees who have received external training, all of which are positively related to firm growth. Based on these results, policy and practical implications to improve firms’ performances are discussed.
... In particular, since the entrepreneurial orientation in USOs is mainly technology or product-centred (Lundqvist 2014) and academic founders, due to their educational specialisation, often lack the understanding of the market necessary for the commercial development of their ideas (e.g. Druilhe and Garnsey 2004;Vohora et al. 2004), the likelihood of commercial success of the innovation can be improved through an enhanced market orientation, obtained, for example, through the integration of the team with commercial and business-related profiles (e.g. Müller 2006;Visintin andPittino 2014, Vohora et al. 2004). ...
... USOs are indeed characterized by dynamic interactions between different actors throughout the start-up process (Clarysse and Moray 2004;Rasmussen 2011;Vanaelst et al. 2006). Business models are modified as the entrepreneurial team improves its knowledge of available opportunities and resources (Druilhe and Garnsey 2004); the entrepreneurial team itself of an academic spin-off evolves and changes in composition over time (Clarysse and Moray 2004;Vanaelst et al. 2006), and its resource configurations may need to be modified as the spin-off develops Vohora et al. 2004). This situation is captured by our: ...
Purpose
Considering that context is important and relying on a contingency perspective, the purpose of the study is to analyze the relationship between an entrepreneurial orientation (EO) and firm performance in one of the world's oldest economies: Italy. The contingency perspective relies on competitive strategy as a moderating variable.
Design/methodology/approach
Using a mix of primary and secondary data sources, relationships are explored in a sample of 229 Italian for-profit firms. Moderated regression analysis is used for the sample and additional tests are conducted by firm size groupings.
Findings
The analysis suggests that an EO is positively associated with firm performance in the sample firms. Further, competitive strategy acts as a moderating influence: a low-cost strategy negatively influences the relationship, while a differentiation strategy positively influences the relationship. The firm size groupings do not appear to affect the results.
Research limitations/implications
The study examines only for-profit firms in a single country, Italy; therefore, generalizability is limited. The results must be interpreted in light of these limitations.
Originality/value
This study contributes to the entrepreneurship literature by considering a relatively new international context in the EO–firm performance relationship. Further, a new contingency perspective is advanced by considering competitive strategy. In doing so, this study extends an understanding of the conditions under which an EO might be associated with firm performance.
... It is well established in the literature (Colombo, Delmastro, 2002;Shane, 2004) that the founders of USOs usually have more formal education levels -owing to their academic origin (Siegel, Waldman, Link, 2003;Ndonzuau, Pirnay, Surlemont, 2002) -but fewer managerial skills (Shane, Khurana, 2003;Shane, 2004;Vohora, et al, 2004) than similar technology-based startups. Moreover, venture capitalists do not want to invest in USOs where the founding team consists only of researchers without business experience (Wright et al., 2007). ...
... In particular, since the entrepreneurial orientation in USOs is mainly technology or product-centred (Lundqvist 2014) and academic founders, due to their educational specialisation, often lack the understanding of the market necessary for the commercial development of their ideas (e.g. Druilhe and Garnsey 2004;Vohora et al. 2004), the likelihood of commercial success of the innovation can be improved through an enhanced market orientation, obtained, for example, through the integration of the team with commercial and business-related profiles (e.g. Müller 2006;Visintin andPittino 2014, Vohora et al. 2004). ...
... USOs are indeed characterized by dynamic interactions between different actors throughout the start-up process (Clarysse and Moray 2004;Rasmussen 2011;Vanaelst et al. 2006). Business models are modified as the entrepreneurial team improves its knowledge of available opportunities and resources (Druilhe and Garnsey 2004); the entrepreneurial team itself of an academic spin-off evolves and changes in composition over time (Clarysse and Moray 2004;Vanaelst et al. 2006), and its resource configurations may need to be modified as the spin-off develops Vohora et al. 2004). This situation is captured by our: ...
The paper aims to examine the relationship between Entrepreneurial Orientation (EO), Market Orientation (MO) and performance in University Spin-Offs (USOs). Initially, the paper, assesses the existence of a moderating effect of MO in the relationship between EO and performance, next, it analyses the mediation role of MO between EO and performance. To strengthen paper results, we test our hypotheses on a cross-sectional sample of 162 Italian USOs using both perceived and objective performance. Findings suggest that there is no synergistic effect of MO and EO as mutually independent constructs. Instead, our evidences support the idea that EO and MO in USOs occur within the same learning process. Both EO and MO support USO performance, but MO cannot occur without EO as an antecedent condition. At the same time, a significant portion of the EO contribution to performance occurs through MO.
... Several researchers expressed doubts about the real extent of rapid growth potentials of all or most RSOs, since the indiscriminate attribution of this characteristic was not corroborated by robust evidence (Vohora et al., 2004;Wright et al., 2007). Several studies show, in fact, that the vast majority of new technology-based firms remain small or very small (Mustar, 1997;Chiesa, Piccaluga 2000;Harrison, Leitch, 2007). ...
Forthcoming October 2019 in Recherches en Sciences de Gestion-Management Sciences-Ciencias de Gestion.
Abstract: There are strong expectations towards research spin-offs, but insufficient empirical evidence still exists on the determinants of growth of such companies. The aim of this paper is to contribute to the debate on growth -or non-growth- of research spin-offs through a focus on Italy. A resource-based perspective is adopted for identifying the crucial determinants of competitive advantage of these companies, and an OLS regression analysis is performed to assess the impact of initial resources on growth in revenues and employees. Our analysis highlights unexpected results about the involvement of industrial partners, venture capitalists, size of IPRs’ portfolio at founding and previous experience of the promoting partners.
... Le invenzioni scientifiche e tecnologiche prodotte dalle università e trasferite sul mercato da nuove imprese rappresentano un'opzione sempre più utilizzata per la creazione di ricchezza che parte dal trasferimento di conoscenze generate dalla ricerca (Carayannis et al., 1998;Siegel et al., 2003;Vohora et al ., 2004;Clarysse et al., 2005;Lockett et al., 2005). Inoltre, il trasferimento della conoscenza dell'industria universitaria è diventato uno dei principali fattori alla base delle politiche europee dell'innovazione (Mueller, 2006). ...
L'innovazione è un processo centrale nello sviluppo economico di un territorio. Numerosi sono gli studi, nella letteratura nazionale e internazionale, che evidenziano tale relazione. La crescita di un territorio si esplica infatti attraverso la crescita delle imprese in esso operanti, nella duplice dimensione quantitativa (crescita del fatturato, del valore aggiunto, del numero di occupati, del capitale investito, ecc.) e qualitativa (intesa come crescita delle competenze, come superiori abilità manageriali e operative del personale tutto). Questa crescita si accompagna, generalmente, a migliori condizioni di lavoro (economiche, sociali, organizzative) e ad una superiore capacità di risparmio da parte delle famiglie, alla base di un processo di progressivo assestamento economico e di una maggiore attenzione alla preparazione scolastica delle nuove generazioni.
... New ventures pass through various phases, and at each phase the required competencies differ depending on the challenges of the given stage (Vohora et al. 2004). To appraise the role of universities in technology entrepreneurship it is necessary to understand how they contribute to the process of student and/or academic entrepreneurial competency development (Rasmussen and Wright 2015). ...
... The development phases of high-tech university spinoffs are outlined in Vohora et al. (2004) as (1) opportunity searching, (2) opportunity framing, (3) pre-organization, (4) reorientation, and (5) sustainable returns. Rasmussen et al. (2011Rasmussen et al. ( , 2014 identify three phases and relevant competencies which are (1) opportunity refinement, (2) championing individuals to create an organization and (3) leveraging (resource acquisition and/or integration). ...
Despite its importance, student and graduate entrepreneurship at universities has received limited scholarly attention. The literature on university entrepreneurship has mainly focused on university scientists who have founded their own firms or spin-offs that were created based on intellectual property that is owned by universities. This paper focuses on technology new ventures that are created by university students and new graduates and aims to investigate the linkages among university-level organizational competencies, the entrepreneurial competencies of nascent entrepreneurs and the number of start-ups that have been created by students and new graduates. Our argument is that universities are heterogeneous in their resources and competencies, and these organizational competencies are influential on students in the development of entrepreneurial competencies and hence in the creation of start-ups. Differences among universities have led to information asymmetries and variances in entrepreneurial competencies among students and graduates. This study uses two data sources at the university level from Turkey. The first is the Technoenterprise Funding Support Program, and the second is the Entrepreneurial and Innovative University Index. Our research covers 40 universities over 3 years from 2012 to 2014, and we apply a panel data methodology. Our research suggests that (1) ambidextrous universities that provide a good context for the exploration and exploitation of new knowledge support their students in the development of entrepreneurial competencies and in starting their own technology new ventures, (2) the traditional role of universities (research and teaching) is important for the creation of entrepreneurial universities and finally, (3) university entrepreneurship is path-dependent.
